Iran to sign new oil contracts worth $15bn

TEHRAN, June 13, 2017

National Iranian Oil Company (NIOC) expects to conclude new contracts worth $15 billion with foreign countries to develop the country's energy fields, the company's managing director was quoted as saying in a media report.

The development of Phase 11 of South Pars, Azadegan oilfield and South Pars oil layer are in the final stage, Ali Kardor, who is also deputy oil minister, was quoted by Iran Daily, which cited Irna.

Iran has signed a range of deals with international firms over the past year since the easing of international sanctions on Tehran, the report said.

In November 2016, France's Total became the first oil major to sign a big deal with Tehran since the lifting of sanctions and agreed to help it develop the world's largest gas field, South Pars.

Shell signed a provisional deal in December to develop Iranian oil and gas fields South Azadegan, Yadavaran and Kish in December 2016.

Iran has named 29 companies from more than a dozen countries as being eligible to bid for oil and gas projects using the new, less restrictive contract model.

The firms include Shell, France's Total, Italy's Eni, Malaysia's Petronas and Russia's Gazprom and Lukoil, as well as companies from China, Austria, Japan and other countries.